{"id":108354,"date":"2021-01-14T03:19:40","date_gmt":"2021-01-14T03:19:40","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108354"},"modified":"2021-01-14T03:19:40","modified_gmt":"2021-01-14T03:19:40","slug":"petco-prices-ipo-above-target-range-to-raise-816-million","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/petco-prices-ipo-above-target-range-to-raise-816-million\/","title":{"rendered":"Petco prices IPO above target range to raise $816 million"},"content":{"rendered":"
(Reuters) – Pet retailer Petco Health and Wellness Company Inc said on Wednesday it sold shares in its initial public offering (IPO) at $18 apiece, above its target range, to raise about $816.5 million.<\/p> Petco, which is owned by the Canada Pension Plan Investment Board (CPP Investments) and private equity firm CVC Capital Partners, had aimed to sell 48 million shares at a target range of $14 to $17 per share.<\/p>\n The IPO, which values Petco at almost $4 billion, signals that investor appetite for new stocks remains robust following a stellar 2020, which was the strongest IPO market in two decades.<\/p>\n Earlier in the day, shares of online lender Affirm Holdings Inc doubled in their Nasdaq debut after selling shares in its IPO above the company\u2019s target range.<\/p>\n The U.S. pet industry is seen by analysts as being more resistant to economic shocks than the broader economy and has benefited during the COVID-19 pandemic from an increase in pet adoption.<\/p>\n Rival online pet products retailer Chewy Inc has seen its stock rise more than 100% in the last six months. Barkbox, a provider of subscription boxes of dog treats, last month agreed to go public through a merger with Northern Star Acquisition Corp.<\/p>\n San Diego, California-based Petco operates about 1,470 stores across the United States and Puerto Rico and has more than 100 in-store veterinary hospitals.<\/p>\n Founded in 1965, Petco was acquired CPP Investments and CVC Capital Partners in 2015 for about $4.7 billion. Petco reported net sales of $3.6 billion and net loss of $20.3 million in the 39 weeks ended Oct. 31 last year.<\/p>\n Petco shares are due to begin trading on the Nasdaq on Thursday under the symbol \u201cWOOF.\u201d<\/p>\n Goldman Sachs, and BofA Securities are the lead underwriters for the IPO.<\/p>\n